BofA OUTREACH EVENT Useful? (Las Vegas or anywhere else)

[kerosundae]

Hi,

People have asked this question in the past, but nobody was able to share their experience in those threads, so I am asking this again hoping that since the last time the question was asked, someone has gone to one of these Outreach events and can share their wisdom.
Did this help you?
Did you already start the loan mod process when you went?
Do you think you could've accomplished the same on the phone or by mail?

Thank you for sharing!

[LoanModHelpCenter.com]

Yes these events are great even more so if you come armed, and I’ll tell you why. We are writing a story about a client now that just did this same thing with the wells fargo out reach event. The borrower went to the event and took a REST REPORT with them, showing the investor would make more money by modifying the loan, the guy on the front line first said ... "Oh we can't take this" the borrower replied you need to take this it’s a Loan Disposition Analysis, he replied : "We do not need to take this, and i will not take this report, we run the same thing" borrower forced him to take the report saying he would report him for not taking all the supporting docs he had. Long story short these are great events because you are working with the RETARDED "CSR" Customer Service Rep, in person. Not only did he take the report but the borrower got a call 1 day later apologizing, and with the apology was a modification to the terms of the REST REPORT. My point being go in informed, no what you qualify for before you get there. If you would like to speak to this client you are more than willing and he is more than willing to show the modification and share his story. I was laughing my A** off....Finally a home owner has a say, and some ammunition to fight back. Win for home owner in this case.

The point of these events is to simply qualify you on the spot or deny you and get you out of their hair. In all cases nothing changes meaning the servicer still makes more money on a foreclosure rather than modifying the loan. Now if the investor was sitting at the table, which would be an entire different story. 98% of the time the investor will make more money by modifying the loan, however the servicer is on the front line fighting just that. They drag out the modification process as long as can be as they get paid all the interest penalties past due regardless in the event of a foreclosure sale, by the investor right of the top of the proceeds.

Yes it’s worth it just go there armed with facts, which show you qualify and the investor will make more money by modifying the loan.

[Boberto]

Hey Charlie, Could you help with a question i have? Without going through all the details of my situation as most of our stories are about the same,under water by lots. Wells is my servicer and B of A is the investor. Wells just sent my trial mod to B of A for approval. Based on your above post B of A should make more $$$ by moding our loan. The plan Wells sent puts our missed payments etc. on the back and re amortizes which makes our total payment within dollars of our original loan. This is at least what we hoped for as income is back. Sounds like a no brainer to me although who the heck knows. I think i'll start a bank as you cannot loose LOL

[dietran]

No, a complete waste of time and money unless you have a sick desire to see all the charades in person, funny if not so funny. 6 hours of driving 6 hours at event over 250 copied pages of documents. was told I would get a personal phone call with answer. Received denial with explanation that I was current on mortgage, I am over 60 days behind. 2 days after receiving this letter, received letter dated 3 days after that that it was in review. Called, and they said no, denied.

Told over and over in that call that the only acceptable hardship if not at least 90 late had to be "directly due to divorce, death or disability"

Did not recommend getting to 90, but said many times that was the only way to get any kind of consideration. So as of today I am 90 late. So I'm walking on the edge. Was also suggested that I don't pay my credit card bills, also BOA to pay mortgage. I asked if they were serious!!!!!

[lucknpat]

No, a complete waste of time and money unless you have a sick desire to see all the charades in person, funny if not so funny. 6 hours of driving 6 hours at event over 250 copied pages of documents. was told I would get a personal phone call with answer. Received denial with explanation that I was current on mortgage, I am over 60 days behind. 2 days after receiving this letter, received letter dated 3 days after that that it was in review. Called, and they said no, denied.

Told over and over in that call that the only acceptable hardship if not at least 90 late had to be "directly due to divorce, death or disability"

Did not recommend getting to 90, but said many times that was the only way to get any kind of consideration. So as of today I am 90 late. So I'm walking on the edge. Was also suggested that I don't pay my credit card bills, also BOA to pay mortgage. I asked if they were serious!!!!!

BofA told me the same thing!! They said don't pay any credit cards so that we can make payments towards the mortgage. How do they even know that the amount I pay in credit card bills would even help in my situation I have no idea but that just sounds crazy to me.